EFCC Charges Couple with N740m Investment Fraud

On February 16, 2026, the Economic and Financial Crimes Commission (EFCC) arraigned Osabohien Alex Ologbos, his wife Hope Onom Ogbhelemu, and two companies—Onom Global Market Resources Limited and Lexicon Multi Concept Media Limited—before Justice Ekeret Akpan at the Federal High Court in Abuja. They face seven counts of obtaining funds under false pretenses and money laundering, amounting to N740 million, in violation of the Money Laundering (Prevention and Prohibition) Act 2022.

The charges include direct possession and use of substantial sums paid into their accounts, which were allegedly derived from unlawful activities. The defendants pleaded not guilty, and the court granted bail to the first defendant while remanding the third defendant, who has a one-year-old baby.

The trial is scheduled to begin on April 27, 2026. Investigations revealed that the defendants induced various citizens to invest in a purported export business involving bitter kola and red kolanut, but failed to pay returns on these investments.